By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Morgan Stanley Finance LLC priced $1 million of 0% dual directional knock-out notes with trigger monitoring feature due Feb. 4, 2021 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
A trigger event occurs if on any day during the life of the notes the index closes above its upside knock-out level, 120% of its initial level, or below its downside knock-out level, 80% of its initial level.
If a trigger event has not occurred and the final index level is greater than or equal to the initial level, the payout at maturity will be par plus the index return.
If a trigger event has not occurred and the final index level is less than the initial level, the payout at maturity will be par plus the absolute value of the index return.
If a trigger event has occurred, the payout will be par plus 4%.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley Finance LLC
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| Guarantor: | Morgan Stanley
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| Issue: | Dual directional knock-out notes with trigger monitoring feature
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| Underlying index: | S&P 500
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| Amount: | $1 million
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| Maturity: | Feb. 4, 2021
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If a trigger event has not occurred and the index gains, par plus index return; if a trigger event has not occurred and the index declines, par plus the absolute value of the index return; if a trigger event has occurred, par plus 4%; trigger event occurs if on any day during the life of the notes the index closes above 120% of its initial level or below 80% of its initial level
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| Initial index level: | 2,704.1
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| Upper knock-out level: | 3,144.92, 120% of initial level
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| Lower knock-out level: | 2,163.28, 80% of initial level
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| Pricing date: | Jan. 31
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| Settlement date: | Feb. 5
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| Agent: | Morgan Stanley & Co. LLC
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| Fees: | 0.75%
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| Cusip: | 61768DXS9
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